What Health Care Will Cost You

Financial advisor Kim Ciccarelli Kantor lays out the medical expenses you should save for as you look ahead to retirement.

This transcript has been automatically generated and may not be 100% accurate.

I ... he wasn't all that healthcare is gonna cost you a great deal on your future ... you really thought about how much is gonna cost and Jack Otter Editor Barron's dot com ... I'm unique in messy curly Cantor who is the president of sicker rally ... the financial advisors ... now we talked about this chronologically so let's take a case study for ... this for fun that is gonna be me and let's say I want to retire at age fifty eight ... you ventilated out into three stages ... the first Lama have to think about his ... health care costs for my family right after a timeout ... helmet cover health insurance what I need to think about how much it costs ten twenty and I retired Swiss age fifty eight ... ok so rates fifty eight and under current rules you can qualify for Medicare until sixty five ... how will we bridge fifty to sixty five s the question that is actually the question and that you need to breach with assets that you've accumulated for income that you have coming in at retirement ... it could minute fifteen thousand to twenty five thousand the year in today's dollars ... saved on our right to buy and ten years well okay ... so that's number one now and sixty five ... I wanna continue to bite can play tennis and be an athletic Isla might have to think about dinner ... well when you're sixty Friday qualify for Medicare ... so you're cleaning is is in medical related ... it's ... the tendency is to have coverage for Crisis skier ... or a medical condition that occurs ... it is not prevent it and ... it's not alternative is not feel good massage says ... its not keeping healthy and going for your run and having a trainer but in the UK for that time you lose some of it will be tougher ... on depends on it if it's a choice or not and where do you expect to go at that knee surgery ... for example from Naples Florida ... in Naples Florida people have been flying in Naples to have knee surgery done ... I don't think that health insurers can it be for that so they like to cover that side ... us or do you have a specific budget that you get people so on top of Medicaid year in an eight x ... right now when we look at planning ... for the type of clients that we have an ally Saudi desire ... about half a million is suggested ... to carve out of assets ... to the adults of funds at the same kind of care testing and medical choices they like to make ... at retirement ... than they are used to during their working years while generally paid by companies on top of Medicaid ... so what do anything about after that maybe my living situation aam ... I personally need to put aside some money for wear from the movie when making a move that my house into the next minute ... but depending from an Italian family to get her to grab it sinks ... by its air here does not ... but it ... was going to care for you ... if it's a new lifestyle community health ... nursing home ... is skin care ... is one thing ... but if it's preaching that time you're still independent for ... your health be making the assisted living ... then you how you pay for that assisted living ... on some claims today are actually purchasing Hindu communities ... even though they are now moving here yet because they can afford ... it might be a couple thousand dollars a month that they're taking out of their income and saying I'm coffers ... because when I need the assistance ... I don't have to worry about qualifying in being healthy making that decision early on ... I'll be accepted ... when am ready to citizen Kane the monthly nut down in the future ... exactly or purchasing ... a long term care type option ... or some kind of a lump sum of forecasts and set aside ... again to cover it ... then ... and then there's that statement then there is the many more assisted care lending that sort of thing people need to think about that as well ... absolutely ... and what with the assistance be is there some kind of history in your family ... and all relative to ... medical conditions that you have to be considerate of ... multiple sclerosis up some kind of debilitating ... condition ... because even though you may have to think about it ... on your Tennessee key air outside the home ... you may not qualified to do that so now you may have to bring in home care ... only you pay for that ... so I hate to ask this what kind of bottom line are we looking at ... me or someone in their forties looking for it to say what you like to be forty more years of all these expenses ... today's dollars ... and we've worked as clients of many different ages ... and we have clients well into their nineties ... you could be paying anywhere from eighty thousand ... to two hundred and thirty five thousand ... a year ... for those services ... now with the ten year bond or three percent thanks to ... the Supreme being not to send out an income partly due to